The X360 and PlayStation 3 both have a hefty price tag, and that’s one of the reasons stopping gamers from purchasing them, but that could all soon change. Recent rumors suggest that some kind of price drop will be revealed at this years E3 for both consoles. The Xbox 360, currently priced at $299 (core model) and $399 (premium model) could both see a drop of $50 in price come September, during the same month that the mega-hits Project Gotham Racing 4, Mass Effect and Halo 3 debut. The PlayStation 3 on the otherhand may recieve a $100 drop in price, bringing the price of the 60GB version to $499.

There are only rumors, so lets wait and see what announcements are made next week. As for Nintendo, well, don’t expect any kind of price drop, since it is already much cheaper than the competition. We will bring you an update on this story next week.